Ghisallo Capital Management LLC Buys Shares of 200,000 Pattern Group Inc. $PTRN

Ghisallo Capital Management LLC bought a new position in shares of Pattern Group Inc. (NASDAQ:PTRN) in the third quarter, HoldingsChannel reports. The firm bought 200,000 shares of the company’s stock, valued at approximately $2,740,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Capital World Investors acquired a new stake in shares of Pattern Group in the third quarter valued at approximately $23,975,000. Vanguard Group Inc. acquired a new position in shares of Pattern Group during the 3rd quarter worth approximately $20,640,000. Westfield Capital Management Co. LP acquired a new position in shares of Pattern Group during the 3rd quarter worth approximately $15,562,000. UBS Group AG purchased a new stake in Pattern Group in the 3rd quarter valued at approximately $7,578,000. Finally, Steadview Capital Management LLC purchased a new stake in Pattern Group in the 3rd quarter valued at approximately $5,480,000.

Pattern Group Stock Performance

Shares of NASDAQ PTRN opened at $11.35 on Friday. The firm has a market capitalization of $1.76 billion and a price-to-earnings ratio of -5.59. Pattern Group Inc. has a 1 year low of $8.92 and a 1 year high of $20.10. The stock’s 50 day moving average price is $12.43.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.04. The business had revenue of $723.10 million during the quarter, compared to analyst estimates of $691.35 million. The company’s revenue was up 40.3% on a year-over-year basis.

Pattern Group declared that its board has authorized a stock buyback program on Thursday, March 5th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

PTRN has been the subject of several recent research reports. Stifel Nicolaus dropped their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 6th. JPMorgan Chase & Co. reduced their price objective on Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, March 6th. Robert W. Baird decreased their price objective on Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, March 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research report on Wednesday, December 24th. Finally, Jefferies Financial Group set a $20.00 target price on shares of Pattern Group in a research note on Thursday, December 11th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Pattern Group has an average rating of “Moderate Buy” and a consensus price target of $20.22.

Pattern Group Profile

At Pattern, we are on a mission to help brands accelerate profitable growth on global ecommerce marketplaces. Today, our proprietary technology and on-demand experts operate across more than 60 marketplaces to increase product sales to consumers in more than 100 countries. Utilizing more than 46 trillion data points and sophisticated machine learning and artificial intelligence (“AI”) models, we strive to optimize and automate key levers of ecommerce growth, including advertising, content creation and management, pricing, forecasting and customer service.